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Downgrade Alert for Lloyds Banking Group (LYG)

By Amy Schwartz

Lloyds Banking Group (NYSE:LYG) was downgraded from Neutral to Underperform at BofA/Merrill today. The stock closed yesterday at $2.78 on volume of 32.5 million shares, above average daily volume of 4.0 million.

In the past 52 weeks, Lloyds Banking Group share prices have been bracketed by a low of $3.17 and a high of $5.65 and closed yesterday at $2.78, -12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.7%.

Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

There is potential upside of 97.1% for shares of Lloyds Banking Group based on a current price of $2.78 and an average consensus analyst price target of $5.48. The stock should find initial resistance at its 50-day moving average (MA) of $3.99 and further resistance at its 200-day MA of $4.35.

SmarTrend is monitoring the recent change of momentum in Lloyds Banking Group. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Lloyds Banking Group in search of a potential trend change.

Keywords: analyst upgrades/downgrades lloyds banking group

Ticker(s): LYG